Oversight of property management on STRs

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Oversight of property management on STRs

Justin R.Pro Member
Rental Property Investor · San Anselmo · Member since 2015 · 659 posts · 599 votes

I have been doing STRs for a few years but my niche is long term rentals. I have been using my property management company to run the STRs.

They utilize AirBnb, VRBO, and their own website for the bookings.

I basically have zero oversight (besides logging into the AirBnb account) as the net income just gets deposited into my account.

Is there a way I can pull occupancy data, and average daily rates from VRBO and AirBnB (other than going into the history and doing the math myself?)

Is there a good platform or calendar that people are using to tie all three of these booking resources together?

Thanks for any input. I would just like some type of oversight of my PM so I can better track performance history.

Thanks

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Sarah KensingerPro Member
Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
3y
Quote from @Collin Hays:
Quote from @Sarah Kensinger:

You need to request a monthly report from your PM! It's what we do for clients, unless they request it bi-monthly. It should be a standard procedure with all PM companies, but unfortunately a lot of them just won't take/make the time for their clients.  


 Interesting!  What sort of report are you offering for your clients?  

~Everything money related...revenue, our fee, cleanings, cost of supplies, etc.
~Occupancy
~Couple recent reviews

[email protected]330-557-3021
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  • Leslie Anne Morris
    Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
    3y

    Is it all rolling up into a PMS? Or are they doing everything three times?

    0Reply
  • Dave StokleyBusiness Member
    Property Manager · Cleveland, OH · Member since 2015 · 699 posts · 799 votes
    3y

    Our clients all have access to the calendar and data through our PMS (Guesty) and we send a monthly report that details every booking and expense, which rolls into a dashboard of monthly performance metrics.

    1Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    3y

    We are integrated with VRBO, so all reservations from the VRBO channels - and there are a bunch - come straight into our reservation system along with the direct bookings from our website.  It is all consolidated.  I am not sure that answered your question, however.  

    If your goal is to monitor performance, the best bet is an occasional "spot check" of VRBO for calendars/rates/bookings for nearby properties.  There's a lot of folks carrying on about their "full" calendars, when one can simply look at their calendars on VRBO and/or Airbnb and ferret out the truth.  

    You can do more than that - it's just a matter of how much more time and money you want to spend.

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    1Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    3y

    You need to request a monthly report from your PM! It's what we do for clients, unless they request it bi-monthly. It should be a standard procedure with all PM companies, but unfortunately a lot of them just won't take/make the time for their clients.  

    [email protected]330-557-3021
    1Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    3y
    Quote from @Sarah Kensinger:

    You need to request a monthly report from your PM! It's what we do for clients, unless they request it bi-monthly. It should be a standard procedure with all PM companies, but unfortunately a lot of them just won't take/make the time for their clients.  


     Interesting!  What sort of report are you offering for your clients?  

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    0Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    3y
    Quote from @Collin Hays:
    Quote from @Sarah Kensinger:

    You need to request a monthly report from your PM! It's what we do for clients, unless they request it bi-monthly. It should be a standard procedure with all PM companies, but unfortunately a lot of them just won't take/make the time for their clients.  


     Interesting!  What sort of report are you offering for your clients?  

    ~Everything money related...revenue, our fee, cleanings, cost of supplies, etc.
    ~Occupancy
    ~Couple recent reviews

    [email protected]330-557-3021
    2Reply
  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    3y

    You PM should be sending a monthly owner statement no different than your long terms. This is a conversation to be had with them. 

    Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
    2Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    3y
    Quote from @Sarah Kensinger:
    Quote from @Collin Hays:
    Quote from @Sarah Kensinger:

    You need to request a monthly report from your PM! It's what we do for clients, unless they request it bi-monthly. It should be a standard procedure with all PM companies, but unfortunately a lot of them just won't take/make the time for their clients.  


     Interesting!  What sort of report are you offering for your clients?  

    ~Everything money related...revenue, our fee, cleanings, cost of supplies, etc.
    ~Occupancy
    ~Couple recent reviews


    Yes if a PM isn’t providing that info, they probably don’t need to be in business.

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    0Reply
  • Justin R.Pro Member
    OP
    Rental Property Investor · San Anselmo · Member since 2015 · 659 posts · 599 votes
    3y

    @Collin H. Are you saying there is a system that integrates VRBO, AirBNB, and property managers systems into one calendar? Out are you saying to justjust check then individually?

    0Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    3y
    Quote from @Justin R.:

    @Collin H. Are you saying there is a system that integrates VRBO, AirBNB, and property managers systems into one calendar? Out are you saying to justjust check then individually?


     Justin, yes there are.  Our system is integrated with VRBO, and has the capability to integrate with Airbnb.  We do not utilize Airbnb for several reasons.  VRBO has around a dozen different internet brands out there.  If you find one of our properties on one of those sites and make a reservation, it flows straight into our system - payments, addresses, calendars, etc.  

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    0Reply
  • Brooklyn McCarty
    Investor · Member since 2022 · 1k+ posts · 754 votes
    3y

    Are they using a PMS? If so, look there for a report 

    0Reply
  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    3y

    We use Streamline PMS and our client/owners are provided a portal they can log into.  Here they can see their calendar, upcoming reservations, open work orders, as well as income statements and other docs.  If you cross reference all of the info on the statements with the other info it should all jive.  If you do not have a portal like this you should look for a PM that has it.  It is fairly basic for any PM with 10+ units.

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
    WebsiteView Page
    0Reply
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